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Oct 21, 2013
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>> well, i think to some degree jpmorgan deserves to pay a fine. they maybe shouldn't have paid as much as they did for bear stearns. had they known, they'd be liable for all these mortgage mess, then they would have paid less. on the other hand, it's a little surprising to see jpmorgan, the star through the crisis, the firm in their 2006 annual report had concerns about subprime lending, 2007 annual report right front and center, you can pull it up on the internet right now, you can see they were ringing the alarm bells about the mortgage crisis, and now it's jpmorgan that held up front and center with the -- liz: got bitten by the exact thing they were concerned about. >> but they protected themselves. they went through the crisis fine. today won the war and lost the peace. the last couple years they haven't managed as well as they could have. liz: let's spin it forward. what happens to jamie dimon? does he lose any of his positions such as the chairmanship? >> well, jamie dimon in the view of wall street is "iron man". i mean, he has delivered s
>> well, i think to some degree jpmorgan deserves to pay a fine. they maybe shouldn't have paid as much as they did for bear stearns. had they known, they'd be liable for all these mortgage mess, then they would have paid less. on the other hand, it's a little surprising to see jpmorgan, the star through the crisis, the firm in their 2006 annual report had concerns about subprime lending, 2007 annual report right front and center, you can pull it up on the internet right now, you can see...
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Oct 21, 2013
10/13
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government singling out jpmorgan? couldn't be the stockholders are forced to pay for a government vendetta against a political enemy? a former federal prosecutor is year and also for a real clear markets, john is the editor. we had had dick po-faced to knows a lot about banks in he is not one for conspiracy but the asking if it was a hit against political enemy. david: did this a vendetta that they don't like with the administration is doing? >> yes. absolutely. david: what do you say? >> no question what happened to jpmorgan is jaime dimon questioning what the administration was doing to the bank -- to the banks when you have a foul administration they will come after you. all the banks did not want to take our money but they were told if you don't recall you the next day jaime dimon spoke bill now he pays for it now in the shareholders are paying for it. david: i look get your notes id to save the department of justice is used as a political hit man? >> i am shaking my head because whole thing discussed me. i cannot
government singling out jpmorgan? couldn't be the stockholders are forced to pay for a government vendetta against a political enemy? a former federal prosecutor is year and also for a real clear markets, john is the editor. we had had dick po-faced to knows a lot about banks in he is not one for conspiracy but the asking if it was a hit against political enemy. david: did this a vendetta that they don't like with the administration is doing? >> yes. absolutely. david: what do you say?...
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Oct 21, 2013
10/13
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going back to jpmorgan chase. the controversy is this. they feel they have given the government cover in acquiring their sterns and washington mutual which were both insolvent in 2008. essentially 80% of jpmorgan losses on mortgage bonds come from the bonds at bear stearns and washington mutual. where it stands right now, we could see an agreement this week or next. what is key is admitting to guilt. if they do that, it will open the door wider to places and lawsuits. the second thing is criminal probe still under way out of the sacramento offices of the attorney general for the state of california. washington mutual bond coming out of pennsylvania. the government said you take these, sacramento, take the jpmorgan owned bonds. and you take bear stearns. ashley: the hiring practices in asia. just a side note. stay right here. our twitter question, prosecution or persecution? the government crackdown on jamie dimon and kathleen and jp. your options will be appearing at the bottom of the screen. let's ask former sec enforcement attorney now
going back to jpmorgan chase. the controversy is this. they feel they have given the government cover in acquiring their sterns and washington mutual which were both insolvent in 2008. essentially 80% of jpmorgan losses on mortgage bonds come from the bonds at bear stearns and washington mutual. where it stands right now, we could see an agreement this week or next. what is key is admitting to guilt. if they do that, it will open the door wider to places and lawsuits. the second thing is...
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Oct 21, 2013
10/13
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we have to get to the jpmorgan story. reportedly they will play $13 billion in mortgage settlement with the fed. back to you. show me the jpmorgan stocks, will you? nicole: it is actually up right now. paying out $13 billion. this is all about that loans and mortgage settlements prior to the financial crisis, right? jamie dimon has been out touting his company talking about how proud he is of his company. just working with the regulators. this is a huge payout. 13 billion. stuart: it sure is. charles, $13 billion. this is where it seems to be coming from to me. jpmorgan is being fined for the sins of bear stearns and washington mutual, companies they were asked to take over and now they have to pay for doing the good deed. charles: they do. they are very powerful organization have to wonder why they didn't fight this even more. they set aside $23 billion. maybe my mind they just wanted to get it over with. it will be interesting to see who pays the criminal finds the top part of the letter, but it is a gigantic amount of
we have to get to the jpmorgan story. reportedly they will play $13 billion in mortgage settlement with the fed. back to you. show me the jpmorgan stocks, will you? nicole: it is actually up right now. paying out $13 billion. this is all about that loans and mortgage settlements prior to the financial crisis, right? jamie dimon has been out touting his company talking about how proud he is of his company. just working with the regulators. this is a huge payout. 13 billion. stuart: it sure is....
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Oct 23, 2013
10/13
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david: back to jpmorgan now. on top of the tentative $13 billion settlement with the department of justice jpmorgan has another deal with another group of institutional investors. this could cost the bank close to $6 billion. joining us doug burns, former federal prosecutor. doug, pull back for a second here and think about what is the purpose of this prosecution? >> yes. david: there is no direct restitution that i can see. >> right. david: a lot of people, individual investors and so forth will not be paid off. the people who caused the problem, a lot of them aren't even at the bank anymore and the folks being fined are actually stockholders. so what is the purpose of the prosecution? >> you are making a great point and i think lurking in your argument the idea this is sort of after the fact, going back, given the coloss al nature of so-called 08 mortgage meltdown of mortgage-backed securities. make it appear we're addressing the problem is the only answer i can cobble together because many of your points are g
david: back to jpmorgan now. on top of the tentative $13 billion settlement with the department of justice jpmorgan has another deal with another group of institutional investors. this could cost the bank close to $6 billion. joining us doug burns, former federal prosecutor. doug, pull back for a second here and think about what is the purpose of this prosecution? >> yes. david: there is no direct restitution that i can see. >> right. david: a lot of people, individual investors and...
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Oct 23, 2013
10/13
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one of the major reasons jpmorgan was targeted. i believe there is a political statement here to shut him up. he went after lot of the reform laws, president obama's economic agenda. the notion jpmorgan is like this bad player in the mortgage arena is absurd. the firms that were bad players like citigroup, merrill lynch, was not jamie dimon. telling people there is no changes, but can only tell you common sense dictates something would have happened, but he is standing behind his people right now. cheryl: we will keep you around. we shall charlie gasparino. 31 minutes until the bell rings. supplies for the next decade. is this deal going to put them on top of the tech world? we will ask coming up. plus we will brin breakdown the biggest movers for you. my mantra? always go the extra mile. to treat my low testosterone, i did my research. my doctor and went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men
one of the major reasons jpmorgan was targeted. i believe there is a political statement here to shut him up. he went after lot of the reform laws, president obama's economic agenda. the notion jpmorgan is like this bad player in the mortgage arena is absurd. the firms that were bad players like citigroup, merrill lynch, was not jamie dimon. telling people there is no changes, but can only tell you common sense dictates something would have happened, but he is standing behind his people right...
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Oct 22, 2013
10/13
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he wants jpmorgan and some of the biggest banks on wall street to pay up. it is costing them and shareholders, by the way, billions. we know jpmorgan alone is said to have reach ad tentative deal to pay the government a record 13 about dollars fine. it doesn't end there -- $13 billion fine. many banks are looking at billions of dollars in fine. many say it is highway robbery by government. it is all the talk on wall street. we have susan ochs and from "the wall street journal" and also fox news contributor, steve moore is with us as well. peter, let me start with you, what troubles me the most about this 80% of the mortgage-backed securities they are being punished for were acquired when they got bear stearns and wamu, something they did at the behest of the government anyway. now they are being punished for it. does this make sense to you? >> it makes no sense to me. legally they are liable when you acquire a company you acquire its sins with them. however they acquired the two companies at the behest of the treasury department. they wanted them to acquire
he wants jpmorgan and some of the biggest banks on wall street to pay up. it is costing them and shareholders, by the way, billions. we know jpmorgan alone is said to have reach ad tentative deal to pay the government a record 13 about dollars fine. it doesn't end there -- $13 billion fine. many banks are looking at billions of dollars in fine. many say it is highway robbery by government. it is all the talk on wall street. we have susan ochs and from "the wall street journal" and...
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Oct 23, 2013
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jpmorgan is getting closer to settling. fox business senior correspondent charlie gasparino is here next with the very latest details. lori: it is a car dealership. which color is it? take a guess. we'll tell you what the rest of the world thinks next. ♪ [ male announcer ] need help keeping your digestive balance in sync? try align. it's the number one ge recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. >> i'm jo ling kent with your fox business brief. stocks continue to trade lower as investors react to disappointing quarterly earnings from caterpillar and a number of chip-makers. checking the dow industrials right now we're down about 75.5 points. >>> shares of us airways are down nearly 2% after the airline said third quarter net profit fell from last year as it set more money aside from taxes. excluding one-time items, us airways earned $1.11 a share, four cents above the estimate. revenue of 3.6 billion also topped the forecast. us airways is trying to emerge with americ
jpmorgan is getting closer to settling. fox business senior correspondent charlie gasparino is here next with the very latest details. lori: it is a car dealership. which color is it? take a guess. we'll tell you what the rest of the world thinks next. ♪ [ male announcer ] need help keeping your digestive balance in sync? try align. it's the number one ge recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. >> i'm jo ling kent with your fox...
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Oct 17, 2013
10/13
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melissa: meantime you look at with what is going on at jpmorgan. somebody like legendary analyst dick bove has been so bullish on these guys for so long saying banks are dead money. said that the last time he was on, for so many different reasons. the regulatory client has gone against them. look at someone like jpmorgan set aside $20 billion just for legal fees to fight. around the economy is not on their side as well. >> it is interesting, some things have been tailwinds for them that are coming to an end at least for a while. melissa: yeah. >> one you had the mortgage refi boom. now that rates have gone up, that has dried up. for wells, for jpmorgan, for bank of america, to a lesser extent for citi, that was a real "bonanza." they are letting people go and shutting offices and laying off thousands of people in the mortgage business. but then you also had this well they have been able to go too for several years which is, reversing provisions they took earlier. melissa: right. >> they basically taken credit provisions. now they're, they have been
melissa: meantime you look at with what is going on at jpmorgan. somebody like legendary analyst dick bove has been so bullish on these guys for so long saying banks are dead money. said that the last time he was on, for so many different reasons. the regulatory client has gone against them. look at someone like jpmorgan set aside $20 billion just for legal fees to fight. around the economy is not on their side as well. >> it is interesting, some things have been tailwinds for them that...
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Oct 22, 2013
10/13
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lori: jpmorgan still hesitant. charlie gasparino has that for us coming up. [ male announcer ] how do you get your boce? i'm, like, totally not down with change. but i had to change to bounce dryer bars. one bar freshens more loads than these two bottles. i am so gonna tell everyone. [ male announcer ] how do you get your bounce? [ woman ] time for change! [ male announcer ] how do you get your bounce? always go the extra mile. to treat my low testosterone, i did my research. [ male announcer ] how do you get your bounce? my doctor and i went with axiron, always go the extra mile. the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as uneected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms t
lori: jpmorgan still hesitant. charlie gasparino has that for us coming up. [ male announcer ] how do you get your boce? i'm, like, totally not down with change. but i had to change to bounce dryer bars. one bar freshens more loads than these two bottles. i am so gonna tell everyone. [ male announcer ] how do you get your bounce? [ woman ] time for change! [ male announcer ] how do you get your bounce? always go the extra mile. to treat my low testosterone, i did my research. [ male announcer ]...
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Oct 18, 2013
10/13
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liz: we've got breaking news on jpmorgan. i know it sound like an endless train of settlements but here's another one. jpmorgan according to sources and according to the "dow jones newswires" is apparently reaching a tentative agreement of roughly, and this one is big, $4 billion, remember it was 100 million the other day for the "london whale" trade. this time it's a $4 billion settlement to settle claims that the bank misled fannie mae and freddie mac, the government sponsored entities when it came to quality of mortgages that jpmorgan apparently sold to freddie mac and fannie mae during the housing boom. the amount that jpmorgan is paying less than what was expected. that is $6 billion, david. 4 billion. once again the covers are open. david: by the way dick bove is coming on in just a moment. we'll be talking primarily about goldman sachs and morgan stanley. we'll ask them whether jpmorgan can withstand all the fines and regulatory scrutiny. liz: just goes on and on. >>> after a better-than-expected earnings baker hughes
liz: we've got breaking news on jpmorgan. i know it sound like an endless train of settlements but here's another one. jpmorgan according to sources and according to the "dow jones newswires" is apparently reaching a tentative agreement of roughly, and this one is big, $4 billion, remember it was 100 million the other day for the "london whale" trade. this time it's a $4 billion settlement to settle claims that the bank misled fannie mae and freddie mac, the government...
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Oct 21, 2013
10/13
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banks like bear stearns, this happened before they were purchased, purchased by jpmorgan and it was, done at the behest, they did a favor for federal government here. one other thing, let's not forget. a lot of this was due to these toxic mortgages. guess who was enticing these banks to buy these toxic mortgages and make these loans in the first place? it was fannie mae and freddie mac. they should be on trial here. >> make a couple good points we should drill down on. for example, who is getting money this is question we've been asking. 7 billion is going into treasury. maybe 4 billion is going into housing programs of different types. susan, what do you think, who is getting money? where does it go. >> 4 billion is going to consumer relief, talking about mortgage prince pill reductions. every penny goes into the general treasury fund. the money can not be used by anybody unless appropriated by congress. this is not some conspiracy all the sudden the justice department is getting more money
banks like bear stearns, this happened before they were purchased, purchased by jpmorgan and it was, done at the behest, they did a favor for federal government here. one other thing, let's not forget. a lot of this was due to these toxic mortgages. guess who was enticing these banks to buy these toxic mortgages and make these loans in the first place? it was fannie mae and freddie mac. they should be on trial here. >> make a couple good points we should drill down on. for example, who is...
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Oct 22, 2013
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neil: never mind whether jpmorgan chase should be fine. did you ever ask were all of those fines are going? sign-up for the news new health care lot yet? chris stirewalt says maybe the president should be working full-time on finding more americans more jobs. and high taxes in france. all of that and the start of hard core pawn. it is time for us to get going. ♪ ♪ >> welcome, i am neil cavuto. thank you to my buddy charles payne. $20 billion is a figure that is still sinking in. that is how much it is taking to get the vets to stop barking. now remember, folks, whatever your feelings about the big bang, get more people in homes, or we are us taking our dogs on you. not by getting their way, but by extorting their way then and now. jim tracy says that is what these big funds are really all about. he says he experienced it for himself when he was forced to pay millions. not to mention two years in prison for backdating stock options. they didn't remotely match the supposedly crime. so what do you make of this latest round? >> it is a fun
neil: never mind whether jpmorgan chase should be fine. did you ever ask were all of those fines are going? sign-up for the news new health care lot yet? chris stirewalt says maybe the president should be working full-time on finding more americans more jobs. and high taxes in france. all of that and the start of hard core pawn. it is time for us to get going. ♪ ♪ >> welcome, i am neil cavuto. thank you to my buddy charles payne. $20 billion is a figure that is still sinking in. that...
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Oct 21, 2013
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dennis: jpmorgan reaching a deal with the justice department. take a look at how much legal fees on top of that will cost shareholders. the bills just keep stacking up. ♪ when does your work end? does it end after you've expanded your business? after your company's gone public? and the capital's been invested? or when your company's bought another? is it over after you've given back? you never stop achieving. that's why, at barclays, our ambition is to always realize yours. ♪ >> i am tracy byrnes with your fox business brief. possible break issues of honda cars. they have opened an investigation into the cars. it follows 23 consumer complaints. gasoline prices at the pump are falling. the average price for a gallon of regular gas has dropped two cents. shares of previously owned homes have dropped. the national association of realtors said 5.29 million homes sold last month. that is down from august. that is the latest from the fox business network. giving you the power to prosper. ♪ cheryl: the u.s. dollar is hovering near and eight month
dennis: jpmorgan reaching a deal with the justice department. take a look at how much legal fees on top of that will cost shareholders. the bills just keep stacking up. ♪ when does your work end? does it end after you've expanded your business? after your company's gone public? and the capital's been invested? or when your company's bought another? is it over after you've given back? you never stop achieving. that's why, at barclays, our ambition is to always realize yours. ♪ >> i am...
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Oct 22, 2013
10/13
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robert tweets go to any target, jpmorgan, filled with women, browsing. men go for a specific product, you are right. diane says guys like to get in and get out, true. women want to shop to see if there's something we like better and a better deal. correct. david says i don't want to walk into a store unless i know what i'm going to buy and don't buy anything not planned before i get there. i-man the disagrees with me saying i hate spending time shopping. if i ask for it is a for specific reason. i hardly ever browsed. well said. charles, use a web? charles: i go into the quinella one. worst thing a salesperson can do is overporche. i typically no one, i am not going to browse, ago in and i'm a pretty good shopper. you want me to spend money. stuart: when you like this. connell mcshane, it is yours. connell: there was a time you wanted to buy those most famous sandals and what you wanted. the white sox and you are off to the races. remembers that? you guys are funny. charles will be with us next hour. moving right along, shut up, he says. how much did the
robert tweets go to any target, jpmorgan, filled with women, browsing. men go for a specific product, you are right. diane says guys like to get in and get out, true. women want to shop to see if there's something we like better and a better deal. correct. david says i don't want to walk into a store unless i know what i'm going to buy and don't buy anything not planned before i get there. i-man the disagrees with me saying i hate spending time shopping. if i ask for it is a for specific...
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Oct 16, 2013
10/13
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we should get to jpmorgan. news it agreed to pay $100 million admitted employing many bluetooth devices revolving the multibillion dollars wrong way trading scandal. the s&p 500 knocking on the door of the record close back on september 17. 1726. right now 1716, we are not that far behind there. the high of the for the s&p 500 was up 23 points. a nice night to move there. but we are also watching big names here it american express, ebay and ibm. all reporting earnings after the bell.
we should get to jpmorgan. news it agreed to pay $100 million admitted employing many bluetooth devices revolving the multibillion dollars wrong way trading scandal. the s&p 500 knocking on the door of the record close back on september 17. 1726. right now 1716, we are not that far behind there. the high of the for the s&p 500 was up 23 points. a nice night to move there. but we are also watching big names here it american express, ebay and ibm. all reporting earnings after the bell.
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Oct 15, 2013
10/13
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>> our top pick is jpmorgan. the reason we like that because it has probably the biggest catalyst of all the banks. they're all relatively inexpensive in the money centers. jpmorgan has 23 billion in litigation reserves and potential for a catalyst if ou get a settlement, global, far-reaching settlement. that would be a positive catalyst for the shares f you're short-term investor that would be our top pick at the moment. tracy: derek, good stuff. thanks for being with us, sir. >> thank you. tracy: keep it here on fox business for complete coverage of yahoo! and intel's earnings "after the bell." 4:00 p.m. eastern, david asman and cheryl casone. i want to point out on the call earlier the cfo on citi said they do not hold any treasury paper that comes due october 31st. ashley: kind of interesting because the debt debate going and yields are spiking on short-term treasurys. >>> apple stores may be clad in played. why they hired burberry's ceo. tracy: a look to drastic cuts that for insurance. will other cities fol
>> our top pick is jpmorgan. the reason we like that because it has probably the biggest catalyst of all the banks. they're all relatively inexpensive in the money centers. jpmorgan has 23 billion in litigation reserves and potential for a catalyst if ou get a settlement, global, far-reaching settlement. that would be a positive catalyst for the shares f you're short-term investor that would be our top pick at the moment. tracy: derek, good stuff. thanks for being with us, sir. >>...
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Oct 16, 2013
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more jpmorgan chase has agreed to take $100 million to settle regulatory charges to the bank's london whale trading scandal last year. the settlement with the commodity futures trading commission jpmorgan admitted its traders act aggressively. mortgage applications moved by 0.3% last week according to the mortgage bankers association. 1.3% the previous week. that is the latest on the fox business network giving you the power to prosper. cmgroup can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader . cme group: how the world advances. >> dirt deals struck in the senate, peter baring that the white house with latest. >> we are awaiting white house comment on the deal brokered in the senate between harry reid and republican end -- mitch mcconnell. the briefing at the bottom of the hour, 12:30 but obviously it appears they were waiting for these 4 statements that you aired. we are told that jay carney will address the bipartisan compromise at the top of his briefing, the white house has been behind this senate effort fr
more jpmorgan chase has agreed to take $100 million to settle regulatory charges to the bank's london whale trading scandal last year. the settlement with the commodity futures trading commission jpmorgan admitted its traders act aggressively. mortgage applications moved by 0.3% last week according to the mortgage bankers association. 1.3% the previous week. that is the latest on the fox business network giving you the power to prosper. cmgroup can help you navigate risks and capture...
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Oct 16, 2013
10/13
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we should get to jpmorgan. news it agreed to pay $100 million admitted employing many bluetooth devices revolving the multibillion dollars wrong way trading scandal. the s&p 500 knocking on the door of the record close back on september 17. 1726. right now 1716, we are not that far behind there. the high of the for the s&p 500 was up 23 points. a nice night to move there. but we are also watching big names here it american express, ebay and ibm. all reporting earnings after the bell. we will take you to the earnings after they break. again, you either own these names or you want to own them. all three of them tend to be proxies for certain areas of the consumers, you need to see how they are doing. perhaps wall street way of saying we are putting our faith in washington, d.c. congress will make a deal, but will it get done before we default on our debt? it is all in the timing. peter barnes at the white house, nicolnicole petallides at the n. in moments we will hear from terry duffy of plans in case extreme vol
we should get to jpmorgan. news it agreed to pay $100 million admitted employing many bluetooth devices revolving the multibillion dollars wrong way trading scandal. the s&p 500 knocking on the door of the record close back on september 17. 1726. right now 1716, we are not that far behind there. the high of the for the s&p 500 was up 23 points. a nice night to move there. but we are also watching big names here it american express, ebay and ibm. all reporting earnings after the bell. we...
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Oct 22, 2013
10/13
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against jpmorgan in which jpmorgan will lose. but then we go another step. if the press dent being established is that you can sue a bank for take over banks b, and c, even though they had nothing to do with bank b, and c's ill begotten gains. then we have to think about wells fargo took over bank? should they be sued? >> so is there some remedy then? you are talking about all of the people who won't get fined or have to pay up. but for the public nobody has really paid up for this. people paid up with their houses and jobs. who would pay up on wall street? >> the remedy would be to go after the people who committed the fraud. and i think that you have got to go well beyond simply jpmorgan, because remember, jpmorgan was given about five days to take a look at bear stearns and the government was begging them to take that company -- >> and that's an interesting point. i want to end on that, dick. because on some cases we'll being told by people, they were asked to do this, and this will come back and bite the government next time
against jpmorgan in which jpmorgan will lose. but then we go another step. if the press dent being established is that you can sue a bank for take over banks b, and c, even though they had nothing to do with bank b, and c's ill begotten gains. then we have to think about wells fargo took over bank? should they be sued? >> so is there some remedy then? you are talking about all of the people who won't get fined or have to pay up. but for the public nobody has really paid up for this....
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Oct 17, 2013
10/13
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jpmorgan kind of iffy. with the big banks continues to be hit or miss, i like more of the niche financials, insurance companies, some of the processing banks. financials, i still like them because they are relatively cheap but not so much the big banks. cheryl: what we have seen so far, for the most part we have a lot of lowered estimates out there. which companies are still missing. are the markets too far ahead of themselves westmark are the market participants not paying attention to what has seen? >> i think next year we could reach that point. the p/e for the s&p 500 and the dodollar still within reasonable range. if we have another one in stocks like we did this year, and earnings growth is continuing to trudge along, we could start to get into that elevated territory where i would say stocks a little expensive, maybe take a little bit off three at cheryl: were still staying with those overweight. staying positive. thank you. >> thank you, cheryl. dennis: in mark cuban insider-trading scandal. was he
jpmorgan kind of iffy. with the big banks continues to be hit or miss, i like more of the niche financials, insurance companies, some of the processing banks. financials, i still like them because they are relatively cheap but not so much the big banks. cheryl: what we have seen so far, for the most part we have a lot of lowered estimates out there. which companies are still missing. are the markets too far ahead of themselves westmark are the market participants not paying attention to what...
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i'm kate kelly in new york. >>> how could the jpmorgan fine impact the housing market? coming up a little later in the program, we'll examine whether the penalty along with the proposed new mortgage rules could make it more difficult for homebuyers to get a home loan. >>> meanwhile, where does jpmorgan's $13 billion settlement with the justice department rank among the biggest corporate fines ever paid? take a look here. bp was fined $4.5 billion for the 2010 oil spill in the gulf of mexico. bank of america paid $8.5 billion in 2011 for selling risky mortgages that later went bad. jpmorgan and 12 other banks agreed to pay the federal reserve and others more than $9 billion earlier this year over abusive foreclosure practices. last year five of the nation's biggest banks including jpmorgan agreed to pay $25 billion in penalties in a separate abusive for closure case. and the biggest ever, the 1998 deal with the five biggest tobacco makers, $246 billion over 25 years. >>> meantime, the banking industry just released the results of a test on its trading systems in the even
i'm kate kelly in new york. >>> how could the jpmorgan fine impact the housing market? coming up a little later in the program, we'll examine whether the penalty along with the proposed new mortgage rules could make it more difficult for homebuyers to get a home loan. >>> meanwhile, where does jpmorgan's $13 billion settlement with the justice department rank among the biggest corporate fines ever paid? take a look here. bp was fined $4.5 billion for the 2010 oil spill in the...
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boss of jpmorgan want it to do. i'm not sure what the department of justice or the states agree with any deal that does that. they are the two key things. >> you are saying that jpmorgan has not yet admitted to any wrongdoing. >> well, we don't know what the deal is. it's coming through the newspapers. we don't quite know what the deal is. i think it's heavily rumoured to be $13 billion. >> as you are saying, this would be, if it goes through, it would be the biggest settlement of its kind paid by an american company. what does this mean for regulation? is paying a fine enough to change things in the industry? >> jpmorgan was regarded as being the one big american investment bank that had a good crisis, if i can put it like that. it didn't have the problems, the financial problems, that so many of the others did. yet as we have gone through the last couple of years, jpmorgan is whiter than white reputation gradually got dirtier and dirtier. if you remember we had the london whale trader who lost jpmorgan's $6 billio
boss of jpmorgan want it to do. i'm not sure what the department of justice or the states agree with any deal that does that. they are the two key things. >> you are saying that jpmorgan has not yet admitted to any wrongdoing. >> well, we don't know what the deal is. it's coming through the newspapers. we don't quite know what the deal is. i think it's heavily rumoured to be $13 billion. >> as you are saying, this would be, if it goes through, it would be the biggest...
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liz: jpmorgan had a great day. the ceo, jamie dimon, agreed to a $100 million settlement with the commodities futures trading commission over the wrongaway trade in the "london whale" scandal. overall jpmorgan has paid out more than one billion dollars in penalties over the whale mess. david: the stock is up 3%. investors like that move. shares of bank of america rose after reported surge in third quarter earnings but revenue was lower than wall street analysts liz: pepsico stock on the rise. they reported higher quarterly profit saying it is on track to meet its financial targets for the entire year. david: homebuilder sent fell slightly this month. national association of homebuilders gridlock in washington. that could change. they were blaming higher costs for construction companies. liz: billionaire warren buffett on acquisition trail. berkshire hathaway buying up british vending machine maker imi from over $1 billion. business is happening right now. we're here, in d.c., we're everywhere. "after the bell" star
liz: jpmorgan had a great day. the ceo, jamie dimon, agreed to a $100 million settlement with the commodities futures trading commission over the wrongaway trade in the "london whale" scandal. overall jpmorgan has paid out more than one billion dollars in penalties over the whale mess. david: the stock is up 3%. investors like that move. shares of bank of america rose after reported surge in third quarter earnings but revenue was lower than wall street analysts liz: pepsico stock on...
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Oct 21, 2013
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would you defend jpmorgan? >> absolutely. the problem is you can't defend large corporations that have thousands and thousands of employees against an indictment. once they've been indicted, they can be put out of business. so the presumption of innocence doesn't operate in these large cases. a the government, basically dictates the terms of the settlement because you're terrified to litigate even cases you can win. >> right. that's just -- that's the arthur andersen syndrome. >> right. >> puts the whole thing out of business. >> they won and look what happened. they were out of business. >> let's go to some interesting things. my thesis, having you as a guest on our show from time to time which is a great pleasure. my thesis is alan dershowitz is not as liberal as people think he is. now, i just want to begin with this. you're a great defend other telephone first amendment, freedom of speech of all times. so am i i'm a reagan conservative. i completely agree with you. >> i almost wrote a book called "why i left the left but
would you defend jpmorgan? >> absolutely. the problem is you can't defend large corporations that have thousands and thousands of employees against an indictment. once they've been indicted, they can be put out of business. so the presumption of innocence doesn't operate in these large cases. a the government, basically dictates the terms of the settlement because you're terrified to litigate even cases you can win. >> right. that's just -- that's the arthur andersen syndrome....
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of course impacted by the settlements from jpmorgan as well. so the banking sector is extended to rbs today. that's some of the key stories around europe. back to you guys. >> rugby? rugby. >> rugby. >> like professional teams that people follow and have standing? really? >> yeah. yeah. >> let me ask you a serious question today. do they wear those rugby shirts? >> do they wear them? >> you know those rugby shirts that we can buy over here. do they wear them? >> yes. >> that is a tough -- >> yeah. >> i can't say i was a -- >> with less padding. >> i would get squished. you'd need a blotter to pick me up. they don't play on astroturf, they don't play on -- your collarbone -- >> there's one thing, joe, they play on artificial pitch. >> your clavicle would be shattered. >> yeah. especially it's a new type of artificial pitch. it has give in it. >> they don't wear equipment. they wear a jock, that's it, man, that's it. never mind. ross, thank you. >> people are called jocks when they're sports greats. nothing wrong with mentioning that. >> just the
of course impacted by the settlements from jpmorgan as well. so the banking sector is extended to rbs today. that's some of the key stories around europe. back to you guys. >> rugby? rugby. >> rugby. >> like professional teams that people follow and have standing? really? >> yeah. yeah. >> let me ask you a serious question today. do they wear those rugby shirts? >> do they wear them? >> you know those rugby shirts that we can buy over here. do they wear...
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admit wrong doing and the second thing is will jpmorgan then go on to face criminal prosecutions? they may want to do a deal that reduces - that gets rid of all the criminal liability. so those are the two key things that we await from the deal. >> you would have heard the story that the head of jpmorgan, diamond, would do a deal with eric holder to drop criminal charges, and holder is alleged to have said, "no way." >> exactly. we don't know. that may be what the $2 billion bought him. it goes back to the subprime mortgage crisis. it was to do with banks giving home owners - people the chance to pie -- buy a house, giving them completely unpayable mortgages, like 10 times the sally. jpmorgan and others - they are not alone - they packaged poor quality mortgages into investment products and sold them to their clients, their investing clients. the big deal - the deal here is that the view is that jpmorgan knew the mortgages were never going to be repaid but sold them as higher quality investment products. that's what the fine is for. >> you say $4 billion may go back to the people
admit wrong doing and the second thing is will jpmorgan then go on to face criminal prosecutions? they may want to do a deal that reduces - that gets rid of all the criminal liability. so those are the two key things that we await from the deal. >> you would have heard the story that the head of jpmorgan, diamond, would do a deal with eric holder to drop criminal charges, and holder is alleged to have said, "no way." >> exactly. we don't know. that may be what the $2...
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let's turn it over to jpmorgan. the bank is close to reaching a tentative $13 billion settlement with the justice department and other government agencies. our own kate kelly speaking with the ceo jamie dimon as he arrived at work. as we now learn from the "times," not only chief cheerleader for the bank but also chief negotiator. >> reporter: that's right, simon. interesting. this deal has not yet been finalized. it cob a couple of days. there is a chorus of criticism about this record $13 billion fine jpmorgan is expected to pay. among other things, you brought this up in the past, these are issues related to jpmorgan's acquisition. they issued in the heat of the housing boom and later caused problems for those. they bought those partly as the government's urging. some believe they are being penalized with the wall street journal calling this a shakedown. i asked jamie dimon about this very question as he walked into the office this morning. here is what he told me. >> i want to get the problems resolved. that's w
let's turn it over to jpmorgan. the bank is close to reaching a tentative $13 billion settlement with the justice department and other government agencies. our own kate kelly speaking with the ceo jamie dimon as he arrived at work. as we now learn from the "times," not only chief cheerleader for the bank but also chief negotiator. >> reporter: that's right, simon. interesting. this deal has not yet been finalized. it cob a couple of days. there is a chorus of criticism about...
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kate kelly outside jpmorgan's office in new york city. as a jpmorgan shareholder, i guess the only good thing you take from this trying to put another issue of litigation behind it. you want to get all of the stuff out of the way to move forward on the fundamentals. >> right. if you focus on fundamentals, they're pretty good in the quarter if you compare it to other companies, bank of america, citi group, goldman sachs. jpmorgan did a good job of controlling what they could control. they talked about $23 billion reserve base, right? this $13 billion is more than $13 billion but if you get the largest chunk out of it out you focus back on fundamental. the stock's trading at 17% discount to its peers. typically trade at 5% premium. >> our next guest owns jpmorgan and add new picks to his market beating portfolio. bill nygren, welcome back. >> thanks. >> let me talk first about jpmorgan before we move on. what's your opinion of the tentative agreement, $13 billion? >> well, our opinion is life isn't always fair and this is just great to get
kate kelly outside jpmorgan's office in new york city. as a jpmorgan shareholder, i guess the only good thing you take from this trying to put another issue of litigation behind it. you want to get all of the stuff out of the way to move forward on the fundamentals. >> right. if you focus on fundamentals, they're pretty good in the quarter if you compare it to other companies, bank of america, citi group, goldman sachs. jpmorgan did a good job of controlling what they could control. they...
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Oct 23, 2013
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here is jpmorgan chase's rap sheet. june 2010, $48.6 million fine co-mingling bank and client funds in lound. april 2011, $56 million settlement in overraj charges. june 2011, $163.6 million in penalties, from sec charges of misleading investors. july 2011, 228 million dollar settlement of 93 rigged municipal bond transactions in the united states. 900 other instances of the settlements, fines -- credit card fees to -- improper home foreclosures to yesterday's news. >> jpmorgan in the process of making a huge settlement with the federal government. but criminal charges are still possible. >> at the same time jpp morgan -- ultimately going up. the compensation of the chief executive jamie dimon totaling more than $61 million from 2010 through 2012 alone. and the accolades are more affordable. >> it's a cash generating machine, sure they have had their regulatory issues, but he's looking to settle them. jpmorgan posted a loss because of all the legal expenses, but under jamie dimon, that didn't come from the hand of the m
here is jpmorgan chase's rap sheet. june 2010, $48.6 million fine co-mingling bank and client funds in lound. april 2011, $56 million settlement in overraj charges. june 2011, $163.6 million in penalties, from sec charges of misleading investors. july 2011, 228 million dollar settlement of 93 rigged municipal bond transactions in the united states. 900 other instances of the settlements, fines -- credit card fees to -- improper home foreclosures to yesterday's news. >> jpmorgan in the...
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was it worth it for jpmorgan to do that? even with this fine? >> well, it's going to be very, very hard to figure out exactly how much money they made off of mortgage-backed securities that bear stearns or jpmorgan chase sold, but what we do know for a fact is that they picked up both bear stearns and washington mutual for a song. it's added greatly to their footprint as we call it on wall street, in other words, the size of the company, the fact that now washington mutual gives jpmorgan branches in california. bear stearns gave jpmorgan capital markets capabilities it didn't already have. so the value to jpmorgan chase overall in the last few years has been well in excess of anything they paid for it, even factoring in the $13 billion. if you told jamie dimon in my guess he would have to pay an extra $13 billion for bear stearns and washington mutual, i bet he would still do that deal. >> so you noted that the stock is up. why? >> why, because wall street investors don't like uncertainty. they don't like the speculation, is it going to be $11 b
was it worth it for jpmorgan to do that? even with this fine? >> well, it's going to be very, very hard to figure out exactly how much money they made off of mortgage-backed securities that bear stearns or jpmorgan chase sold, but what we do know for a fact is that they picked up both bear stearns and washington mutual for a song. it's added greatly to their footprint as we call it on wall street, in other words, the size of the company, the fact that now washington mutual gives jpmorgan...
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jpmorgan's close to a deal to settle u.s. related problems. the bank could still face more legal woes. >> the edf is going to clean up the fukushima plant in japan. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >>> hello. warm welcome to the start of "worldwide exchange" for the week. plenty to get through on today's show as ever. finally, it is u.s. jobs tuesday this week, but how should investors expect the bull market to go. the treasuries we'll talk about at 10:20 c.t. the weaker than expected numbers don't really move the needle. we'll discuss that as we look at japanese exports at 10:30. as the new department gets set to protect data, we'll ask whether twitter and google are right to get concerned. that's 10:45 c.e.t. plus, it's being billed as the biggest auction ever. we'll hear from a latin american analyst and why the government has low expectations. >>> plenty of earnings state side. how is mcdonald's new strategy to manage low u.s. margins fairing. we'll discuss the q 3 numbers
jpmorgan's close to a deal to settle u.s. related problems. the bank could still face more legal woes. >> the edf is going to clean up the fukushima plant in japan. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >>> hello. warm welcome to the start of "worldwide exchange" for the week. plenty to get through on today's show as ever. finally, it is u.s. jobs tuesday this week, but how should investors...
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they're going on into jpmorgan chase. there's a criminal probe in place right now, and there's nothing in the deal that would give them or anybody who works for jpmorgan or past workers immunity from criminal prosecution. that's interesting. that might hold it up. how much does jpmorgan agree to say? do they actually have to say they did anything wrong? do they just settle? that might be the detail holding it up. >> can i ask you another question here? >> yeah. >> i'm trying to understand the nuts and bolts of this. this is a big bank. we talked for years about jamie dimon and the ceo of the bank. the sale of bad mortgages rights before the housing crash, what does it mean? >> like every other bank, jpmorgan chase gave mortgages out and bundled them up and sold it and there's an allegation they misrepresented how good or bad the mortgages were. the other bigger deal is jpmorgan took over bear stearns and wachovia, and there's a sense those banks did it, too. should jpmorgan have to pay for the misdeeds of those banks? it'
they're going on into jpmorgan chase. there's a criminal probe in place right now, and there's nothing in the deal that would give them or anybody who works for jpmorgan or past workers immunity from criminal prosecution. that's interesting. that might hold it up. how much does jpmorgan agree to say? do they actually have to say they did anything wrong? do they just settle? that might be the detail holding it up. >> can i ask you another question here? >> yeah. >> i'm trying...
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how about $13 billion settlement for jpmorgan. that doesn't even make all their problems go away. we will hear from a former bank of america executive who says jpmorgan and jamie dimon are being punished for helping to save the financial industry during the crisis. and then we'll get reaction from former congressman barney frank after the lead op-ed piece in "the wall street journal" this morning said that barney frank should be arrested before any bank ceo. when it comes to this crisis. of course, mr. frank will respond to that in only the way he can. >> i'm looking forward to him coming on and responding to it because people want to know why regulators were asleep at the wheel while all of this was going down. >> was it a health care law pep rally? many more questions than answers as to why obama care websites remain frustratingly slow. no one know to be held accountable, as well as kathleen sebelius, secretary of health and human services. >> this is really the hot-button issue right now. many furloughed federal workers who received unemployment checks during the shutdown will
how about $13 billion settlement for jpmorgan. that doesn't even make all their problems go away. we will hear from a former bank of america executive who says jpmorgan and jamie dimon are being punished for helping to save the financial industry during the crisis. and then we'll get reaction from former congressman barney frank after the lead op-ed piece in "the wall street journal" this morning said that barney frank should be arrested before any bank ceo. when it comes to this...
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last year jpmorgan's revenue was more than 97 billion. today it has more than 23 billion dollars reserved for legal problems. and what's most troubling is that not only are they apparently going to extinguish almost all civil liability for innumberable egregious violations in wrongdoing relating to compliances in mortgages and other things, but not a single individual is being held accountable, yet again, for all this wrongdoing. and unfortunately, if we don't hold individuals responsible and accountable, then these things are going to happen again and again and again. >> ifill: the expert ely, let me ask you this question. jpmorgan is one of the companies, that actually went in and helped rescue troubled properties. and for their effort they get this kind of prosecutional, or potential for prosecution. did they-- does that discourage anybody else from even trying? >> i think if definitely does. that in effect jpmorgan chase is being tagged for problems that it did not cause, that happened under the management of the companies that they a
last year jpmorgan's revenue was more than 97 billion. today it has more than 23 billion dollars reserved for legal problems. and what's most troubling is that not only are they apparently going to extinguish almost all civil liability for innumberable egregious violations in wrongdoing relating to compliances in mortgages and other things, but not a single individual is being held accountable, yet again, for all this wrongdoing. and unfortunately, if we don't hold individuals responsible and...
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jpmorgan and the department of justice reach a record $13 billion deal to settle proabz into how the bank ran its mortgage business. dozens of wildfires are out of control in australia, and firefighters fear the worst is still to come. and ranger school-- now that the shutdown is over, america's oldest park ranger is back to work. john blackstone shares the lessons she has for all of us. captioning sponsored by cbs this is the "cbs evening news." >> axelrod: good evening. i'm jim axelrod with a western edition of the broadcast. we have breaking news to report. two convicted murderers who walked out of the same prison in florida the last three weeks, freed with forged papers, are now back in custody. they were captured early this evening eastern time, reportedly without incident, just about 100 miles from the prison where they had been serving life sentence. here's mark strassmann. >> reporter: there was a reward in orlando for anyone who could point police to joseph jenkins and charles walker, the convicted killers whose escape embarrassed florida's corrections system. today, walker'
jpmorgan and the department of justice reach a record $13 billion deal to settle proabz into how the bank ran its mortgage business. dozens of wildfires are out of control in australia, and firefighters fear the worst is still to come. and ranger school-- now that the shutdown is over, america's oldest park ranger is back to work. john blackstone shares the lessons she has for all of us. captioning sponsored by cbs this is the "cbs evening news." >> axelrod: good evening. i'm...
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apparently jpmorgan executives and workers could still face charges in the future. the official tells cnn the tentative deal does not include a nonprosecution agreement that jpmorgan chase had pushed hard to include. we're going to talk about that, what this might mean to you and to me a little bit later on this hour so make sure you stay tuned. >>> you know, it may just be the lasting legacy of president barack obama, but right now the only thing that's lasting is problems with the obama care website where americans are supposed to sign up. does it need to be scrapped and remade entirely? that's next. >>> and ahead, some are saying a rape case in missouri may not be prosecuted -- may not get prosecuted -- because the accused comes from a family with ties to local politics. especially today, as people are looking for more low, and no calorie options. that's why on vending machines, we're making it easy for people to know how many calories are in their favorite beverages, before they choose. and we're offering more low calorie options, including over 70 in our innova
apparently jpmorgan executives and workers could still face charges in the future. the official tells cnn the tentative deal does not include a nonprosecution agreement that jpmorgan chase had pushed hard to include. we're going to talk about that, what this might mean to you and to me a little bit later on this hour so make sure you stay tuned. >>> you know, it may just be the lasting legacy of president barack obama, but right now the only thing that's lasting is problems with the...